Oil stable on falling Libyan output, but bloated United States market still weighs

Author

31 March, 2017

USA industry data on Tuesday was said to show crude inventories climbed last week, and a government report Wednesday is also forecast to show stockpiles expanded. Russian Federation undertook to slash oil production by 300,000 barrels per day starting from January 2017 compared with October 2016 or by 2.7%.

US crude oil was 10 cents lower at $49.41.

Meanwhile, Nigeria's crude oil exports are set to rise to 1.66 million bpd in May, according to a loading programme compiled by Reuters on Tuesday.

Oil prices in Thursday's session remained firm, aided by falling crude output in Libya, and slip of gasoline stocks in US; but rising USA crude inventories still worries the oil market.

The US crude oil exports averaged 520,000 barrels per day in 2016, 55,000 bpd or 12 per cent above the 2015 level, despite a year-over-year decline in domestic crude oil production, the EIA said.

Brent for May settlement was 29 cents higher at US$51.62 a barrel on the London-based ICE Futures Europe exchange.

The nation's record-high stockpile of crude oil rose by another 900,000 barrels last week, but that was more than offset by large draw downs in fuel inventories.

More news: 3 key takeaways from Jeff Sessions' harrowing Monday press conference

A lower than expected build in USA oil inventories helped underpin oil prices, although there was still underlying caution surrounding excess United States stocks and rising production which curbed potential gains in oil.

The falls came after two days of price increases which supported Brent above $50 a barrel and lifted WTI close to that level.

Major oil traders gathered in Switzerland this week said they expected the output cuts to be extended, providing Russian Federation complies.

A survey conducted by this news agency showed that combined output by the OPEC countries reduced for three consecutive months in March and the members have now complied with almost 95% of their commitments under the output-cut deal.

Meanwhile, there is a growing sense that OPEC members and its allies must act soon to maintain the credibility of an agreement to curb output that ends in June by extending it until the end of 2017.

Along with the OPEC members, multiple non-OPEC oil exporting countries including Russian Federation also pledged to reduce their output.

The EIA is due to publish official USA crude and fuel product data later on Wednesday.


More news


  • Trump says he expects a health care deal soon

    Trump's first visit to a golf course since becoming President was on February 4 at the Trump International Golf Club in Florida. In other words, Trump is attempting to use his power as president to grab power for the 1% while destroying the 99%.
    Neymar keeps Brazil ticking towards World Cup

    Neymar keeps Brazil ticking towards World Cup

    Chelsea's Willian has called on the Brazil squad staying humble after they secured qualification for the World Cup. New Brazil captain Neymar says the team is full of high quality players, and not just himself.
    ICICI Bank partners Truecaller for UPI-based mobile payment

    ICICI Bank partners Truecaller for UPI-based mobile payment

    Truecaller won't be keeping a database of user's information including account details or the credit/debit card details. Google Duo is a simplified video calling app from Google that's meant to make video calling as simple as a voice call.
  • UN secretary-general starts official visit to Iraq

    The UN chief said via Twitter that his main focus would be to focus on the dire humanitarian situation. The attack came as US-backed forces are launching fierce fighting in western Mosul.

    Xbox One New Update Includes Beam Integration

    Beam is a live streaming service that was acquired by Microsoft along with the name a year ago , by an unknown number. The Guide screen has also been refined and is now accessed with a single press of the Xbox button, rather than two.
    Donald Trump surveillance claims congressman 'met source at White House'

    Donald Trump surveillance claims congressman 'met source at White House'

    The chairman then went to the White House to brief the president on his findings, leaving fellow committee members out of the loop.
  • Jaap Stam Comments On West Ham United Link

    We are able to climb up several spots if we win matches, we are able to go several spots down if we don't win matches. I am totally focused on my job and our next game. "I have a good relationship with both of them", he said.

    Jeurys Familia suspended 15 games for violating Major League Baseball domestic violence policy

    Familia has been suspended 15 games for violating baseball's domestic-violence policy, FOX Sports' Ken Rosenthal reports. Familia left camp for a meeting in NY on Monday with commissioner Rob Manfred and returned to the Mets on Tuesday.

    Ward leads Michigan State's furious rally past Miami

    The Cowboys come into the tourney with three straight losses, all to ranked teams, and four straight losses in NCAA Tourney play. The Jayhawks blew out No. 16 UC-Davis in its first round matchup on Friday, and are a favorite by many to reach the Final Four.
  • III Apparel Group, Ltd. (GIII) Trading Down 3.3% After Earnings Miss

    The current share price indicate that stock is -62.00% away from its one year high and is moving -7.56% ahead of its 52-week low. Finally, SG Americas Securities LLC bought a new position in G-III Apparel Group during the third quarter worth $338,000.

    Aaron Hernandez Double Murder Trial Day 18

    The state has announced that it will not call him to the stand, but Aaron Hernandez's fiancee, Shayanna Jenkins, may testify. Bradley added, "I was trying to figure out how I could testify without getting [Hernandez] criminally [charged]".
    Rainy, Foggy, Cloudy & Mild

    Rainy, Foggy, Cloudy & Mild

    After chances for rain this past weekend and on Monday , we do expect a few dry days in the work week. Breezy northwest winds will build throughout the day, gusting to 25 to 30 miles per hour at times.